Before we seek to find out some of the business ethics that business people should embrace, it is needful to first understand what the word ‘ethics’ refers to. Part of business ethics is responsibility to the investor and for that reason companies with strong reputations in the field of ethical business behavior are also companies that tend to attract more investment from people that are new into the market.
Any organization big or small should follow ethical practices as it brings in a sense of social responsibility which eventually provides sustainability to the organization. A destructive result with negative consequence to other or organizations can be brought about through negative and unethical core values in operational policy.
To compete with larger businesses, it may be tempting to abandon ethics just to make an adequate profit. The clearer the company’s plan for growth, stability, profits and service, the stronger its commitment to ethical business practices. A recent analysis of overall financial performance of the 2001 list of 100 Best Corporate Citizens shows that this group of firms did significantly better than the remaining companies of the S&P 500.
Since public image is largely a result of company behavior, business ethics play a large role in determining public image since they determine behavior. Getting hands-on experience through part-time jobs in insurance companies, during college days is a good idea.
When an employee gives more importance to his greed or concern for his personal gain rather than any other concerns, irrespective of the harm it can bring to the organization is termed as unethical practices that arise due to personal gain and selfish interest.